Thousands of corrupt Chinese officials have stolen more than $120 billion and fled overseas since the mid-1990s -- and the U.S. was a top destination, according to a report released by the country's central bank.

The report, released this week by the People's Bank of China, says between 16,000 to 18,000 government officials and executives at state-owned enterprises smuggled about 800 billion yuan ($123 billion) out of China between the mid-'90s and 2008.

"Thousands of corrupt Chinese officials have stolen more than $120 billion and fled overseas since the mid-1990s -- and the U.S. was a top destination, according to a report released by the country's central bank."

"One other fact to consider is if China were to allow the RMB/US$ to reflect it's true valuation of about half, China's GDP as measured in dollars would be double what is being reported."

No. If the exchange rate RMB/USD changed, the new rate would be used to calculate China's GDP, and it would be the same amount it is now, expressed in dollars. The value of the RMB would change, not the value of the USD. Otherwise, one would have to believe that China suddenly started producing twice as much in goods and services.